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| October 27, 2003 Kennecott Outlines Giant Copper-Gold System at Lucky Joe | |
| No. 20/2003 Vancouver, BC, October 27, 2003 - Copper Ridge Explorations Inc. (the "Company") has received the final report from Kennecott Canada Exploration Inc. (Kennecott), a Canadian subsidiary of Rio Tinto plc, on the summer field activities on Copper Ridge's Lucky Joe Project, located south of Dawson City, Yukon. Kennecott completed a program of geological mapping, soil sampling and limited trenching. To date, over 5,000 soil samples have been collected on the project. The entire Lucky Joe and Shamrock claim groups have now been surveyed, extending over an area approximately 40 km by 10 km. Two very large and strong, parallel geochemical trends were defined. Lucky Joe Trend: This 11.3 km long trend is defined by copper and gold with high soil values for Cu of 3,060 ppm and Au of 235 ppb, with associated silver and molybdenum. It includes the original Lucky Joe copper-gold occurrence, which now appears to be a smaller zone on the flank of the main anomaly. The copper-gold zone extends outwards into a lead and zinc halo that together outline a hydrothermal system over 21 km long and up to 3 km wide. Ryan's Creek Trend: Ryan's Creek parallels the Lucky Joe trend, approximately 4 km to the southwest. It has a strike length of 7.2 km and is more strongly enriched in gold relative to the Lucky Joe trend, with high soil values for Cu and Au of 4,400 ppm and 611 ppb, respectively. From interpretation of the geological setting, alteration patterns and the geochemistry of the rocks and mineralization at Lucky Joe, a large hydrothermal system has been outlined that could represent a porphyry copper-gold deposit or a variety of Iron Oxide Copper-Gold (IOCG) deposit. Kennecott is considering exploration plans to advance the project, including a drill program. The Company expects that Kennecott will provide details of its 2004 plans with respect to Lucky Joe shortly. Kennecott can earn a 51% interest in the combined properties by paying US$25,000 (paid) and making annual payments of US$20,000 thereafter and completing US$2 million in exploration by December 31, 2006. Kennecott can earn an additional 9%, or 60% total, by making annual payments of US$30,000 and completing US$5 million in exploration by December 31, 2009. Thereafter, Kennecott can earn an additional 15% interest in the project, or 75% total, by making annual payments of US$50,000 and by completing a feasibility study on the property by December 31, 2020, with minimum annual work requirements of US$500,000. With regard to underlying agreements, Kennecott will be responsible for all payments and work programs while the Company will be responsible for share issuances. This press release has been reviewed and approved for release by Gerald G. Carlson, Ph.D., P.Eng., Copper Ridge's President and designated Qualified Person. Copper Ridge's focus is on discovery of deposits with world class potential, emphasizing gold and copper-gold in Yukon and Alaska. The Company's Lucky Joe/Shamrock IOCG property is under option to Kennecott Canada Exploration Inc., the Yukon Olympic IOCG (Olympic Dam) property is under option to Canadian Empire Exploration Ltd., the Scheelite Dome Property is under option to Golden Patriot Mining Inc. and the Joss'alun copper project is under option to Imperial Metals Corporation. Copper Ridge also holds a 100% interest in the Ogopogo property, 4 km from the Pogo gold deposit in Alaska as well as its latest addition, the large Hart River IOCG (Olympic Dam) target in the same geological setting as Yukon Olympic. Contact: Copper Ridge Explorations Inc. Gerald G. Carlson, President Suite 500 -- 625 Howe Street Vancouver, B.C. V6C 2T6 Phone: 604-688-0833; 1-888-278-2288 Fax: 604-688-0835 info@copper-ridge.com This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. | |
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